ITAT: Non-deposit of LTCGs in designated account will not result in denial of tax sop for purchase of new house
The Income-tax Appellate Tribunal (ITAT) in Delhi has overturned a revisionary order by the Principal Commissioner of Income-tax, stating that the non-deposit of long-term capital gains into a designated bank account cannot be used as a reason to deny deductions under section 54. This decision is expected to benefit many taxpayers facing similar situations. Section 54 of the Income-tax Act exempts long-term capital gains from the sale of residential property if they are invested in a new residential house within a specified period.
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